Are you looking to buy your first home? The process of homeownership can be quite daunting, especially for a first-timer. Not to worry though. This home buyer’s guide created for first-time homeowners will help you figure out every step of the way to purchasing your dream home.
Know your ‘Why’
It’s important to ask yourself why you want to buy a new home. Your answer to this question will be your “North star” if ever you start feeling lost or overwhelmed with all the other decisions. These include decisions about financing, home type, location, etc.
Are you buying a house because you are planning to start a family? Are you uprooting your family for a fresh start somewhere new? Or perhaps you are a single-person household who has decided to settle down in a more permanent location? Or if you’re a business-minded individual, you’ll think of your new home as a great asset to invest in.
Whatever your reason may be, knowing it will help you find the right property to suit your purpose.
Secure home financing
Once you’ve determined why you’re buying a house, the next step is to get pre-approved financing. This will determine how much you can spend on your new home, and help narrow down your options and simplify your decision making.
Find a reputable bank or lender with great reviews from past clients and send a home loan application. Based on your finances, the bank will help find the best loan product for you and approve a certain amount it’s willing to lend you.
Apply for Government Grants
Some first-time home buyers in Australia are eligible for grants from their states and the federal government scheme. These grants and schemes are fantastic because they qualify you for discounts and help you build the home deposit sooner. In Queensland, eligible first home buyers will get $15,000 that can be used in buying or building a home worth less than $750,000.
In an effort to aid the plummeting Australian economy and dying home construction industry due to COVID-19, the federal government is also offering $25,000 grants to individuals who will build a home or start major renovation on their properties. This grant is brought by the government’s $688 million HomeBuilder program, which applies to middle-income Australians with homes valued from $150,000 to $750,000. This temporary federal scheme will only last until the end of 2020 so make sure to send your application immediately.
At The Waters Ooralea we make the journey to becoming a Home Owner easy with our in-house finance service. We can assist with everything, from low deposit home loan options, first home owner grants, and government assistance.
Find the best location
Determining where to buy your first home is the next step. Find the best location according to your purpose and budget. Consider whether you want to live in the city or the suburb. Also, take into account the job availability in the area if you are to leave your current one.
You also need to find out whether the city or region is a growth area. There should be progress in the economy, infrastructure, and liveability to ensure that you and your family will have a good life in the area, especially if you’re planning to live there long-term.
When you’ve found a location that works for you, the next thing to think about is the land that you’ll be purchasing. Whether you’re aiming for a turnkey home, a house and land package, or just a piece of land for the time being; you need to consider the land size, frontage, and inclination. All of these will affect your home, so make sure to think them through.
Search for the perfect home design
When it’s time to choose a floor plan or home design, keep your dream home in mind. You may not be able to achieve your perfect vision right away but it’s always a good idea to direct every step you take towards it.
If there’s no room in your budget for a professional design, there are plenty of stunning home designs you can find for free over the web. Find a design that suits your personal tastes, lifestyle, and budget. You can also work with an architect to get a professional home design with specifications according to your preference.
Make sure to take your time and go through all the details of your home design. Begin with the type of house (townhome, single-family, bungalow, cabin-type) that you like and the architectural style (modern, contemporary, country, Mediterranean). Also, carefully plan the design for your living room, kitchen, bathroom, and outdoor space. Doing all these will help you create a perfect home design.
Choose the right builder
The builder that you choose will bring your dream home to life. So, make sure to get the right one. One effective strategy is to find at least three builders who specialise on the type of home you want. Find the builders with licenses to do work in the state, great reviews from past clients, and hold a builder’s warranty. Make sure to shortlist only those who don’t have any black marks, financial issues, and client disputes.
You should also look into the experience of the builders. Years of being in the business is a good proof that the builders have had many successful projects before. Once you’ve made a shortlist of builders, send them detailed information on the overall design of your home and ask for a quote from each of them. Also, ask if the services they provide include the application of required state permits for the construction.
Once you’ve found the right builder, dive into the nitty-gritty of the building process, including the plan, construction timeline, price, and contract. Establishing the details early on will avoid any surprises on your part while in the process of building your first home.
Buy Your First Home at The Waters Ooralea
Buying your first home is a milestone to be celebrated. Yes, building your first home comes with huge challenges but there are still a lot of things about the process that you can enjoy. The key is not to focus on the stressful parts but on your excitement and happiness of finally having your own home.
If you are still searching for the best location of your first home, consider moving to Mackay. This Queensland region is in the middle of its economic boom despite the recession being experienced in Australia due to COVID-19. Mackay is the best place for growth right now and an ideal place to start building a family. Where to move in Mackay? Where else but The Waters Ooralea, a master-planned residential community just a few minutes away from Mackay CBD.
The Waters Ooralea currently has a number of turnkey house and land packages available, offering 1.5 kilometres of water frontage and 25 hectares of parkland. There are also 34 lots available in a prime location, where you can build the home of your own design with the builder of your choice. We also offer the services of our expert builders and our Hamptons style display home for your inspiration.
Call The Waters Ooralea today to schedule a visit at our residential community and get an in-house financing pre-approval for easier purchase of your first home.